Baghdad: The Governor of Central Bank of Iraq, Ali Al-Allaq, announced on Thursday that the bank has received nearly 80 applications to establish digital banks, noting that the names of the licensed banks will be revealed soon.

According to National Iraqi News Agency, Al-Allaq stated, “The Central Bank of Iraq has received between 70 and 80 applications to establish digital banks. However, licensing will not be granted to all applicants, as it is based on strict criteria derived from market studies, the nature of operations, and international experiences, where the number of licensed digital banks usually does not exceed four.”

He explained that a thorough review process is currently underway to select the most qualified applicants for licensing, and the process is now in the final stages. Al-Allaq added that the Central Bank has engaged Oliver Wyman to review the criteria set for granting licenses, following the firm’s previous work on the comprehensive banking reform plan.

He further noted that the company has completed its review of the standards over the past few days. The Central Bank expects to receive the final feedback within a few days, paving the way for the official announcement of the licensed digital banks.